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Mervin Yeung Editor/Publisher

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My Economic knowledge came from several sources. Although I developed my unique Far-from-equilibrium Macro Economic Theory (FFEE) mainly by my own efforts and my experience in the hedge fund, I did learn some very important concepts from the following books and sites:


1. < The Alchemy of Finance > by George Soros, John Wiley & Sons, Inc. 1994.

This is an excellent book if you want to understand the nature of global economic system and recent events. Mr. Soros emphasized the idea of "Reflexivity" in this book. Unfortunately, I found this book incomprehensible in the first few years of my reading of this book (1995-1997). After studying Asian Economic Crisis (1997), I developed my FFEE independently. When I re-read The Alchemy of Finance, I found that most of the materials in the book were consistent with the conclusion of my study on Asian Economic Crisis. If you try to read this book, I suggest you skip the first chapter and start at Page 46 (the start of Chapter 2). There are too many philosophical materials in the first chapter. I agree with his ideas in Economics, but I found his philosophy too difficult to understand.


2. < Wall Street Journal >

This is an excellent newspaper in the USA. The reporting of Wall Street Journal (WSJ) on economic events is top-rate. I have read WSJ since 1991. Wall Street Journal did a fantastic job in reporting Asian Economic Crisis and these readings helped me a lot on understanding the whole event. This was crucial. I would have never developed FFEE without real understanding of Asian Economic Crisis.


3. < Economics and the Public Welfare > by Benjamin M. Anderson, LibertyPress 1979.

This book was written in 1949 by Dr. Anderson, an economist at Chase. He had vast personal connections with central bankers during 1920's and 1930's and he had first hand knowledge of what had happened in those years. He protested against the Fed's expansionary monetary policy (easy money & easy credit) in his writings during 1920's well before that fateful event in Oct. 1929. He believed that the Fed was making a huge bubble and America would pay for it.


4. < Austrian School of Economics >

This is not a book. This is a branch of Economic Thoughts. This School consists of brilliant economists such as Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich A. von Hayek, etc. Some of their books are available free on the internet:

< Human Action > by Ludwig von Mises

< Nation, State and Economy > by Ludwig von Mises

< Capital and Interest > by Eugen von Böhm-Bawerk

These books are quite difficult to understand. (You have been warned.) However, they opened up my mind to different economic thoughts. Austrian idea on mal-investments strongly influences my thoughts.


5. Several great websites on economic disasters in human history: (USA 1929) (Japan 1990 Part 1) (Japan 1990 Part 2) (Japan 1990 Part 3) (Japan 1990 Part 4) (Mexico 1994)


6. Several great websites on current economic analysis: (Northern Trust) (Value Investor) (Skeptical Investor) (Inter-Market Relationships Analysis (IMRA) -- The website is free. Its daily e-mail market letter is fee-based. IMRA has remained my favorite market letter since its existence.)


7. Several great link pages: (Fiend Bear -- It is updated very often.) (Golden Bear) (Beartopia -- If you dislike a link page full of important links and not-so-important links, this page is perfect for you. This link page only contains the best links in their opinion.) (Fall Street -- Check out their "Top Sites" links.) (Sharefin -- This link page is for Gold fans. Why they call us "Blue Sky Monthly" is a mystery.)


Finally, I want to thank Mr. Jeff Brewer for teaching me so much economic and financial knowledge that could not have been learned in school. In fact, I learned more economic and financial knowledge from Mr. Brewer than from university textbooks.



If you have comments or suggestions, email me at

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